Investing.com – Gold prices fell Monday as risk appetite crept back into the markets, reducing demand for precious metal in a safe haven, while investors looked forward to the start of the annual gathering of central bankers and politicians in Jackson Hole, Wyo.
for December delivery on the New York Mercantile Exchange's Comex division, $ 11.35, or 0.7%, fell to $ 1,512.25 a troy ounce by 10:23 PM ET (14:23 GMT).
Global equities and sovereign debt yields increased and put pressure on non-yield gold.
"A combination of a firmer US dollar and modestly higher real US interest rates currently weighs on gold," John Reade, chief marketing strategist at the World Gold Council, said.
Analysts also said traders were cautious ahead of Jackson Hole which started on Thursday.
The Federal Reserve chairman is scheduled to speak during the event on Friday amid expectations that he will all but confirm a cut in interest rates in Septe mber.
"Given the political uncertainties that may or may not unfold later in the week from the Jackson Hole symposium, gold could consolidate with a downward bias before finally resuming the upward momentum," Stephen Innes, managing partner of World Cup Markets , said in a.
Warren Patterson and Wenyu Yao, trading strategists at ING, said that the latest data from the Commodities Futures Trading Commission already showed some gain, with a reduction in long positions, but only a relatively small upturn in shorts.
"The underlying fundamentals remain unchanged, and until trade and currency uncertainty eases, money managers can continue to hold gold in lengths," they said in a note.
Barani Krishnan, senior commodity analyst at Investing.com, noted a slowdown in the recent gold rally and said investors were waiting, potentially from the Jackson Hole event, before taking on new, long positions.
In other metal trading, lost 0.9% to $ 1
jumped 2.2% to $ 1,472.40 ounces, while sister metal gained 0.8% to $ 858.30.
In base metals, 0.4% rose to $ 2,604 pounds
Fusion Media or anyone involved in Fusion Media will not be liable for any loss or damage as a result of the information including data, offers, charts and signals / purchases of signals on this site. Be fully informed about the risks and costs associated with trading in the financial markets, it is one of the most risky forms of investment possible.